Here's How Inflation Is Impacting Grocery Prices In NYC
In the New York, Newark, and Jersey City region, the food-at-home category saw a 4.4 percent increase in the last month. The Bureau of Labor Statistics released a June inflation report showing that grocery prices in New York, Newark, and Jersey City were 4.7 percent higher than they were at the same time last year. The cost of some grocery staples, eggs and chicken, have dropped considerably as poultry farmers rebuild their inventories after a widespread bird flu outbreak and supply chain issues tied to COVID-19 pandemic disruptions. At the retail level, eggs dropped to about $2.22 a dozen, down more than 7 percent just in the past month and down from $4.82 in January, but still above the pre-pandemic price of about $1.60 a dozen. Housing costs accounted for more than 70 percent of the June inflation increase, and the cost of auto insurance also contributed. The U.S. Department of Agriculture expects further declines in egg and chicken prices. Gas prices climbed to a high last June, averaging $5.82 a gallon, and are at their lowest point since early 2021.
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Overall last month, grocery prices were 4.7 percent higher than they were at the same time last year, according to the June inflation report released Wednesday by the Bureau of Labor Statistics. In the New York, Newark, and Jersey City region, the food-at-home category saw a 4.4 percent increase. Though groceries are still more expensive than they were a year ago, costs have leveled off during the past three months.
The cost of some grocery staples — eggs and chicken, especially — have dropped considerably as the nation’s poultry farmers rebuild their inventories after a widespread bird flu outbreak and supply chain issues tied to COVID-19 pandemic disruptions. At the retail level, eggs dropped to about $2.22 a dozen, down more than 7 percent just in the past month and down from $4.82 in January, but still above the pre-pandemic price of about $1.60 a dozen, according to the inflation report. Milk prices fell for the third consecutive month, and are down 1.9 percent from last year.
Since the start of the pandemic, a basket of common items costs 40 percent more than at the start of the pandemic, according to an analysis of the June inflation report by NBC News. The news outlet looked at prices for a pound each of chicken, ground beef, bread, potatoes, bananas and coffee, a dozen chicken eggs and a gallon of milk. Here’s a look at how prices for those items have changed from June 2022 to June 2023 in the New York, Newark, and Jersey City region:
Cereals and bakery products are costing more than they did a year ago, up 8.8 percent from June 2022. Nonalcoholic beverages are up 7.6 percent from June 2022. The U.S. Department of Agriculture expects further declines in egg and chicken prices.
Chicken farmers are rebuilding their inventories after the bird flu resulted in the loss of 43 million egg-laying hens, and wholesale egg prices have tumbled since December 2022, according to the USDA’s latest report. Meat poultry took less of a hit from the avian flu. According to a July 7 report on retail chicken prices, whole birds, skinless breasts, thighs and drumsticks all cost less than they did a year ago, while the price of specialty and organic items changed little. June was the 12th consecutive month that consumer price increases have slowed, and they’re at their lowest point since early 2021. At 3 percent, the June inflation rate is just 1 percentage point from the Federal Reserve’s 2 percent target. The decline was led by lower gas prices, which averaged about $3.56 a gallon Thursday, compared to $4.63 a gallon a year ago, according to AAA data. Gas prices climbed to a high last June, averaging $5.82 a gallon. In New York, the current average price of a gallon of gas is $3.67, around a dollar less than last year's state average of $4.77, according to AAA. Housing costs accounted for more than 70 percent of the June inflation increase, and the cost of auto insurance also contributed, the Labor Department said. Housing costs increased 0.4 percent from May to June, and are up 7.8 percent from a year ago.
Topik: Inflation, NYC